Reliance Cap Trustee buys 8.68 pc in Trent for Rs 21.2 cr

NEW DELHI: Tata group's retail company Trent said on Friday that Anil Dhirubhai Ambani-group firm Reliance Capital Trustee has bought 8.68 per cent stake in the company for Rs 21.2 crore.

In a filing to the Bombay Stock Exchange ( BSE), Trent Ltd said Reliance Capital Trustee purchased 3,86,582 shares through a rights subscription on August 31.

The shares were bought by Reliance Capital Asset Management through various mutual fund series, including Reliance Equity Linked Saving Fund Series-I, Reliance Dual Advantage Fixed Tenure, Reliance Equity Opportunties Fund and Reliance Tax Saver Elss Fund.

Analysts pointed out that the stake buy is a good move from mutual fund investors.

"Retail is a growing area in India and the investment is positive. Trent is a reasonably priced company, compared to other big retailers," Anand Rathi Financial Services Senior Vice-President Retail D D Sharma said.

Trent's shares shot up to a new high to touch Rs 1,126 per share in morning trade on BSE, up by 5.03 per cent from the last closing.

Reliance Capital's scrips saw a jump of 0.66 per cent per share at Rs 780.40 in morning trade on the BSE.